Former Man City financial advisor, Stefan Borson, calls out Wrexham’s owners for utilising Welsh government grant for transfer signings.
Wrexham’s January transfer ledger shows a clear deficit of zero arrivals and only exits. Even among them, a mutual consent departure of James McClean and loan exits for Conor Coady, Andy Cannon, Purvis & Kelly, Wrexham have dealt with little to no net cash flow.
In the meantime, the Reds have been in talks over multiple hefty deals, like recently for Sidiki Cherif. However, a halt in the progress of his record bid rumour has things standing as they are.
While Cherif’s transfer is in limbo, the potential deal’s finances have been fueling discussions in the English division. Having often seen their success credited to their Hollywood spending, Wrexham now see a taunt coming at the expense of Cherif’s links.
Recently, former Man City financial advisor, Stefan Borson, directly connected the £18m Welsh government grant received by Wrexham to Cherif’s transfer links. Aiming at the club’s financial working, Borson accused Wrexham of using the grant to fund their new signings.
As quoted by the Football Insider, Borson said: “Well, the grant they got from the government was around about £19m ironically. I think the government should not be buying footballers for Wrexham, but that seems to be the way it works these days.”
Borson further took a dig at Wrexham’s Hollywood backing and ownership, saying: “I mean, they’ve got a lot of resources. They’re owned by a collection of billionaires and Apollo, one of the biggest finance investment houses in the world, so Wrexham have got loads of cash.”
Sidike Cherif’s £19m rumour is fading fast
Apart from the near match in numbers of the £18m grant and the reported £19m bid, there lies no evidence of a connection between the two cases. And barely there will be, as Cherif to Wrexham feels collapsing now.
Despite the transfer rumour emerging a week ago, Sidiki Cherif’s move to Wrexham is far from a concrete stage. With neither personal terms agreed nor any updates on new bids or transfer fee, the rumour has stalled progress.
READ MORE: ‘The End’ – Wrexham fans react to Andy Cannon joining Burton Albion on loan
READ MORE: ‘Agreed’ – Championship rivals sign Wrexham defender every fan wanted gone
READ MORE: 7 transfers Wrexham can complete in final 7 days of January transfer window
If that wasn’t enough signs, Cherif’s recent injury disrupts the transfer momentum. While initial scans show signs of a knock only, his immediate unavailability can have a say in deciding his Wrexham move.
With merely 5 days remaining in the transfer window, it seems to be failing more than happening in Sidiki Cherif’s move to Wrexham. Should Wrexham refrain from making any bold steps here, the rumour gets sabotaged, and Borson’s case gets dismissed itself.
£18m grant will fund Kop Stand’s redevelopment
As per the grant terms, the £18m funds received by Wrexham Council remain confined for use only for the Kop stand development. While the Hollywood owners attract criticism by their nature, the Kop development project is a component of the Wrexham Gateway regeneration project.
Deemed crucial for generating jobs and career opportunities, the Welsh government’s grant is in the public interest. Though Wrexham’s Kop stand can be mistaken for the owners’ personal ambitions, it serves the purpose of the overall regional development.
Needless to say, Wrexham’s player signings or transfers come through the owners, sponsors, and stakeholders’ funds. Just like Borson’s ex-club, Man City have been doing under the ownership of ADUG.
Utilising the Royal Family’s Investment group funds, the Citizens have funded multiple hefty transfers over the years. As long as Wrexham manages its financial books well, the Reds can make rapid progress in the English division.
Again, be it player signings, bonuses, or contract wages, none is burdened on the 18m grant sum. Until that’s ensured, any accusations of utilising grants for other purposes remain irrelevant.
READ MORE WREXHAM NEWS HERE:
- ‘The End’ – Wrexham fans react to Andy Cannon joining Burton Albion on loan
- ‘Agreed’ – Championship rivals sign Wrexham defender every fan wanted gone
- 7 transfers Wrexham can complete in final 7 days of January transfer window
- Phil Parkinson’s choice is clear between Sidiki Cherif and Adam Armstrong
- Wales legend’s Conor Coady prediction tells Wrexham got it all wrong
